Terra CEO Do Kwon shared the new recovery plan on Terra’s website yesterday. Kwon, who also made statements on his own Twitter account, talked about the collapse of Terra’s LUNA token and stablecoin UST.
Terraform Labs co-founder and CEO Do Kwon also broke his silence on his social media account yesterday. He shared a trio of tweets about the collapse of Terra’s LUNA token and stablecoin UST.
1/ I’ve spent the last few days on the phone calling Terra community members – builders, community members, employees, friends and family, that have been devastated by UST depegging.
I am heartbroken about the pain my invention has brought on all of you.
— Do Kwon 🌕 (@stablekwon) May 13, 2022
Kwon spent his last days with family members and friends who had a hard time falling below 1 dollar of IHR. He stated that he spent his time making phone calls with Terra customers and people from the community.
Emphasizing that he and any institution he is involved in did not make a profit during all these crises, Kwon also stated that he did not sell LUNA and UST during the crisis.
Stablecoin UST and Terra’s LUNA asset crash caused huge losses. The resulting chaos ultimately led to the cessation of blockchain and market trading as the circulating supply of LUNA increased rapidly.
